The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for June 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

School’s out, and as vaccination rates rise and America enters a new normal, the U.S. housing market continues along at a frenzied pace, with low interest rates and limited inventory fueling record high sales prices. May saw the median existing-home sales price exceed $350,000, a 24% increase and the largest year-over-year increase since 1999, according to the National Association of REALTORS®. Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen.

New Listings decreased 3.3 percent for single-family homes but increased 27.1 percent for townhouse-condo properties. Pending Sales decreased 4.6 percent for single-family homes and 8.9 percent for townhouse-condo properties. Inventory decreased 43.9 percent for single-family homes and 34.0 percent for townhouse-condo properties.

The Median Sales Price was up 18.5 percent to $385,000 for single-family homes and 10.3 percent to $290,000 for townhouse-condo properties. Days on Market decreased 61.3 percent for single-family homes and 34.8 percent for townhouse-condo properties. Months Supply of Inventory decreased 51.7 percent for single-family homes and 41.2 percent for townhouse-condo properties.

The increase in sales prices comes with a slight decline in existing home sales nationwide, as homebuyers struggle with declining affordability amid a lack of inventory, forcing some buyers to simply wait it out in hopes of more inventory and less competition. Meanwhile, home builders are trying to meet the increased market demand, with housing starts up 3.6% in May from April, according to the Commerce Department. As we ease into new routines and look forward to a post-pandemic future, one thing remains certain: America desperately needs more homes.

Wondering what your home is worth in your current market? Get a free market analysis today! 

Summer selling season is heating up and there is no sign of it slowing anytime soon. In Grand Isle County, there have been 57 residential homes sold to date, a total of 77 listed, with an average sale price of $420,192. Currently, there are 36 active listings in Grand Isle County. The historically low inventory of homes for sale makes this a great time for homeowners to take advantage of one of the hottest real estate markets we’ve ever seen!

Our niche lakefront marketing strategies are proven in the numbers and have led us to dominate the lakefront and second home market in Grand Isle County. In 2020, we transacted over  $43.5 million of real estate sales in Grand Isle County!   From 2017-2020, we have seen a  27% average annual growth rate. Our systems drive results and we continue to innovate ways to uniquely market your home. 

Coldwell Banker Islands Realty has the marketing power, global reach and local expertise to get your home noticed by interested buyers. Our award winning Realtors are experts in the communities they serve and they will advocate for you throughout the sale of your home. 

Ready to get noticed? Coldwell Banker Islands Realty delivers exceptional marketing programs that drive results. Schedule a complimentary home consultation with a local real estate expert today! 

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for May 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

As the weather warms and pandemic restrictions ease across much of the country, the U.S. housing market shows little sign of cooling. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows. Nationwide, inventory remains much lower than it was at this time last year, and sales prices are surging as a result.

New Listings increased 2.7 percent for single-family homes but decreased 8.4 percent for townhouse-condo properties. Pending Sales increased 0.4 percent for single-family homes but decreased 4.7 percent for townhouse-condo properties. Inventory decreased 49.8 percent for single-family homes and 62.3 percent for townhouse-condo properties.

The Median Sales Price was up 20.6 percent to $380,000 for single-family homes and 8.3 percent to $259,950 for townhouse-condo properties. Days on Market decreased 63.1 percent for single-family homes and 60.8 percent for townhouse-condo properties. Months Supply of Inventory decreased 56.7 percent for single-family homes and 66.7 percent for townhouse-condo properties.

With such limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers. And while the warmer temperatures, rising sales prices, and the reopening of the economy may draw more sellers to the market, historically low levels of homes for sale are likely to continue for some time.

If you're thinking of selling your home you need an agency who can help you navigate this fast paced market. Contact one of our local realtors to learn more.

Reopening The Champlain Islands

We are thrilled to announce that our office doors at 38 Community Lane are open again to the public! Our Realtors are now on duty, in-person, five days a week to provide our community with immediate walk-in service. In addition, we are thrilled to share that we have welcomed Paul Habersang to Coldwell Banker Islands Realty as a licensed sales associate! The timing couldn’t be better as we are busier than ever! As many of you know, the real estate market is booming with no sign of slowing down this summer. Our knowledgable agents are readily available to help guide you whether you are buying a new home or preparing to sell. The Champlain Islands is the place to be in Summer of 2021 and we can't wait to start gathering with our community again!

New to the Island Neighborhood

As we welcome the warm weather, we also welcome new small businesses into the Champlain Islands community! Check out the latest additions to the town of South Hero below! 

Arbor Farm Market

South Hero Village recently welcomed Arbor Farm Market full of local goodies; the market resides at 324 US Route 2 in South Hero,VT. Make sure to stop by Wednesdays- Sundays to check out the wide variety of local farm products and grocery items.

Two Heroes Brewery 

Another new addition in the town of South Hero is Two Heroes Brewery! They opened their doors in February and have just recently added a biergarten! Be sure to visit them this summer at 1 Ferry Rd in South Hero!

The Hive Cafe 

Located at Allenholm Farm on South Street, the Hive Cafe is serving burgers, mac and cheese, salads, and even fish tacos! Enjoy some good eats and don't forget to save room for one of Allenholm's famous maple creemees!
Photo credit: Allenholm Farm

Lola's Latin Kitchen

Champlain Island's Candy Lab has added a new food truck outside of their storefront! Lola's Latin Kitchen is offering authentic latin cuisine featuring dishes such as enchiladas, Mexican Chili and much more!
Photo credit: Lola's Latin Kitchen

See the latest real estate market report for Northwestern Vermont presented by NVBR below.

April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above asking price. With such strong activity, by the time a property sale closes, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who are frequently having to submit offers on multiple properties before they are able to secure a purchase.

New Listings increased 102.3 percent for single-family homes and 77.6 percent for townhouse-condo properties. Pending Sales increased 128.7 percent for single-family homes and 81.1 percent for townhouse-condo properties. Inventory decreased 54.9 percent for single-family homes and 49.6 percent for townhouse-condo properties.

The Median Sales Price was up 10.8 percent to $355,000 for single-family homes and 18.4 percent to $279,500 for townhouse-condo properties. Days on Market decreased 19.7 percent for single-family homes and 16.1 percent for townhouse-condo properties. Months Supply of Inventory decreased 62.1 percent for single-family homes and 57.1 percent for townhouse-condo properties.

In the spirit of the great Wayne Gretzky, buyers, sellers, and their agents are all trying their best to skate to where the puck, or rather, the housing market, is going, not where it has been. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.

Wondering what the current market is like in your area? Call (802) 372-5777 and get a complimentary market analysis from a local expert. 

Source: Northwestern Vermont Board of Realtors